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Saudi Arabia’s Public Investment Fund has acquired a 25% stake in Alkhorayef Petroleum which has an important role in the region’s oil and gas production. The acquisition is part of the PIF efforts to deepen the manufacturing sector in Saudi Arabia and support the delivery of Vision 2030.
Tabby, the buy now, pay later platform has reached a unicorn valuation of $1.5 billion joining an elite club of billion-dollar startups from the Middle East and North Africa. The company plans to list on the Saudi Tadawul stock exchange after announcing plans to move its Headquarters to Riyadh.
Saudi Arabia’s Public Investment Fund (PIF) is set to raise $3.5 billion in its first sale of dollar-based Shariah-compliant bonds known as Sukuk which will be listed on the London Stock Exchange’s International Securities Market.
Saudia has extended its partnership with Newcastle United Football Club , becoming its Official Airline Partner, with the aim of making it the most popular Premier League club in Saudi Arabia.
Saudi Arabia has launched its testing of hydrogen trains, following an agreement with French train company Alstom. The remarkable hydrogen train project is part of Saudi Arabia’s commitment to the Saudi Green Initiative, aimed at reducing carbon emissions and promoting clean energy.
Saudi Arabia plans to open the Riyadh School of Tourism and Hospitality in Qiddiya by 2027, with a campus spanning 5 million square meters and costing over $1 billion. The school is a gift from Saudi Arabia to the world, offering training opportunities in tourism and hospitality.
Saudi Arabia’s economy has joined the trillion-dollar club with its GDP exceeding $1 Trillion for the first time. The Saudi Economy was also the fastest-growing economy in the G20 in 2022 according to the IMF with a Private Sector Contribution of $440 Million.
The government of the Kingdom of Saudi Arabia has given the green light to a landmark rail linkage project with the State of Kuwait. The project will focus on a high-speed railway connecting Riyadh to Kuwait City.
Cityscape Global 2023 Unveils $17.3 Billion dollars in Saudi Real Estate projects, including residential towers, resorts, and mega developments, demonstrating the kingdom’s growth in the sector.
Saudi Arabia received 7.8 Million tourists during the first quarter of 2023 bringing in revenues of almost $10 Billion and achieved 2nd place globally in the growth rate of international tourists
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